When Wilson Chan Fung-cheung joined Hong Kong’s banking industry as a foreign-exchange trader more than four decades ago, his work involved US dollars, UK pounds, Japanese yen and various European and Asian currencies – but not Chinese yuan. “Back then, there was no yuan trading at all as, in fact, the internationalisation of the yuan…
With Hong Kong set to unveil its annual budget, economists have said the city should strengthen its role in pushing the internationalisation of the Chinese yuan as Beijing presses ahead with financial opening while keeping stability firmly in view. From expanding offshore yuan products to using its stablecoin regulations as a sandbox for potential cross-border…
In a base-case scenario, bondholders may recover just 10.1 per cent of what they were owed, roughly half what already deeply distressed market prices suggested, the British bank said in a report. However, in a worst-case scenario, assuming lower proceeds from onshore assets and netting out intragroup balances, the estimated recovery would drop to just…